Cryptocurrency CRO token of crypto payments provider Crypto.com will be listed on CoinDCX exchange. The cryptocurrency exchange and liquidity aggregator on Tuesday announced that it will be traded in two pairs -- CRO/BTC and CRO/INR -- which means Indian traders on the exchange will be able to buy or sell CRO token in exchange of BTC (Bitcoin) or Indian rupee.
Following the successful listing of the MCO token on CoinDCX earlier this month, CRO listing marks Hong Kong-based Crypto.com’s official entry into the Indian market.
With the integration of MCO and CRO on to the CoinDCX exchange, the bourse bolsters its crypto-based financial services offering, CoinDCX said in a statement.
Speaking on the listing, Sumit Gupta, CEO & co-founder of CoinDCX, said: “At a time when we are witnessing unprecedented growth in the use of cryptocurrencies in India, there is a need to provide users with an extensive range of crypto-based financial services that can ensure the faster, simpler, and uninterrupted flow of capital. We are thrilled that CRO is entering India, through our platform, which will help nearly 1.3 billion people in crypto trade CRO through INR.”
“This is also an amazing opportunity for us to encourage more people to enter the crypto market through our ongoing #TryCrypto initiative.”
While the MCO token features key payment and finance utilities within the Crypto.com ecosystem, CRO token is primarily used for settlements on Crypto.com chain, enabling transactions worldwide between merchants and cryptocurrency users in a seamless, secure and cost-efficient way, it said.
“By using CRO as an intermediary currency on the Crypto.com Chain, participants — customers, merchants, crypto customer acquirers, and merchant acquirers — can convert their cryptocurrencies to their fiat counterparts at a much-reduced cost,” said Neeraj Khandelwal, co-founder of CoinDCX.
“The combination of MCO and CRO creates a full-service, global system that encourages the adoption of cryptocurrencies that is inspired by real-life use cases.”
In 2019, CRO token and the Crypto.com Chain project had made headlines based on the token’s dramatic price increases.
The listing of MCO and CRO on CoinDCX follows the successful closing of CoinDCX’s $3 million Series-A funding round by Polychain Capital, Bain Capital Ventures, and HDR Group, operator of BitMEX.
First Published: Apr 28, 2020 11:16 PM IST
